A SECURE, REMOTELY MANAGED SOLUTIONFOR MOBILE PAYMENT APPLICATIONS

Payment is an everchanging market. Fintechs, financial institutions, even mobile network operators (MNOs) are redefining the way people pay for goods and services. New solutions are being developed using digitized transactions.

Mobile payment, branchless banking, e-wallets, cashless, digital loyalty – all these technologies usually focus on the transaction itself. That deeply impacts the customer journey. But, how do you ensure a transaction is safely and easily taken care of, while delivering a satisfactory customer experience, even in remote places? You need to develop an acceptance network using devices that are flexible, easy to deploy and use – but above all secure.

Famoco offers a solution that creates such an acceptance network using secureAndroid-baseddevices, remotely managed through an integrated device management platform (MDM).

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Mobile Payments

Mobile payment is a great substitute for cash or credit/debit cards. Often, when dealing with small amounts of cash or when acceptance networks are not developed enough for traditional credit/debit cards, complementary services are being used to fill the gap. MNOs and other organizations are positioning themselves in this specific marketplace. Digital players such as Alipay and PayPal are aiming to offer services in store as well.

But, if transaction networks function well on digital platforms, how do you use these wallets in physical stores? How can you bring value to the customer journey with mobile money?

Branchless banking

For many reasons, including lack of infrastructure and lower income levels, traditional banking is not the norm in many emerging countries. The situation is made worse in remotely located communities by cash and security issues, and often high inflation. That is why MNOs and financial inclusion organizations are developing convenient e-wallet solutions and delivering fast banking by using local agents. This means they need a device that is affordable, easy to use and secure to equip merchants and build efficient acceptance networks.

Big events like music festivals are getting digital and this directly impacts the customer experience. It also forces organizers to rethink their workflows. It started with digital ticketing and digital access control. And then cashless payment loops inside the venue. The idea was to avoid large amounts of cash circulating in the event and limiting theft and cash miscount problems.

Events companies have started giving NFC (Near Field Communication) bracelets to participants, allowing quicker control where there’s multi-access, and higher average amounts spent in bars, restaurants, and shops. From a cost control perspective, it also allows better traceability of monetary and merchandise fluxes during events.

Coupon distribution using paper vouchers faces challenges that include fraud and theft. Specifically, vouchers can be lost or damaged and fraud is common because vouchers are relatively easy to duplicate and circulate. This ultimately leads to stock disparities, beneficiary inequalities and tracking mistakes.

Using a device connected to an NFC card allows better traceability and reduces these risks. Additionally, having a bigger acceptance network ensures a higher card adoption rate. We’ve been working with NGOs to apply this principle to the food distribution and humanitarian aid sectors.

Enabling new payment methods

Digital transactions are transforming payment into a fast, seamless, mobile experience that impacts how payments are made in developed and emerging countries alike.

In developed countries, large companies such as MNOs and major event organizers are re-thinking how they interact with customers. What additional services can they provide using new technology, and how can they ensure an improved customer journey?

In emerging countries, where traditional banking is not the norm, the challenges are quite different. A complete network of digital and alternative payment methods is growing, offering major opportunities for companies that develop payment applications.